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Wealth One Bank limited time GIC offer
September 19, 2022
7:52 am
rodeworthy
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In celebration of the 2022 Mid-Autumn Festival, Wealth One Bank of Canada offers a limited-time GIC special promotional rate* on 1 to 5 year terms.

Terms 1 year 2 year 3 year 4 year 5 year
Rates 4.68% 4.88% 5.08% 5.08% 5.18%

Purchase a 1-5 year term GIC any time from September 19 to October 30, 2022.

September 19, 2022
8:33 am
lifeonanisland
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rodeworthy said
In celebration of the 2022 Mid-Autumn Festival, Wealth One Bank of Canada offers a limited-time GIC special promotional rate* on 1 to 5 year terms.

Terms 1 year 2 year 3 year 4 year 5 year
Rates 4.68% 4.88% 5.08% 5.08% 5.18%

Purchase a 1-5 year term GIC any time from September 19 to October 30, 2022.  

So my take on this is that all GICs, from all FIs, are "limited-time" promotional rates. That is, any rate can be changed at any time, by any FI. So I'm putting forward this idea: Wealth One should occupy, at least until October 30, top spot in the GIC chart. They are exceptional rates, and they should be acknowledged as such on the chart...perhaps putting pressure on other FIs in the process. Peter, any thoughts?

September 19, 2022
8:33 am
lovejennifer
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Do you know if there's a minimum deposit amount required?

September 19, 2022
8:38 am
Peter
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lifeonanisland said

So my take on this is that all GICs, from all FIs, are "limited-time" promotional rates. That is, any rate can be changed at any time, by any FI. So I'm putting forward this idea: Wealth One should occupy, at least until October 30, top spot in the GIC chart. They are exceptional rates, and they should be acknowledged as such on the chart...perhaps putting pressure on other FIs in the process. Peter, any thoughts?  

I generally agree. Currently, this is manually listed underneath the chart. The rates on the chart for Wealth One are being pulled from https://www.wealthonebankofcanada.com/Invest/GICs and I really hope they will update that main table on their site so that our GIC table can continue to be automated.

September 19, 2022
8:42 am
lifeonanisland
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Peter said

I generally agree. Currently, this is manually listed underneath the chart. The rates on the chart for Wealth One are being pulled from https://www.wealthonebankofcanada.com/Invest/GICs and I really hope they will update that main table on their site so that our GIC table can continue to be automated.  

Yes, I see you have to click on link to get to the special rate section; it's not on their main page. They might not opt to do this. Shame. Thanks, Peter.

September 19, 2022
9:00 am
Norman1
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lovejennifer said
Do you know if there's a minimum deposit amount required?

According to 2022 Mid-Autumn Festival Promotion, there is a $1,000 minimum:

Terms and conditions apply. This special GIC Rate Offer is available only until October 30, 2022. Applications and funds must be received on or before the deadline. A minimum investment of $1,000 is required for this promotion. Only applies to personal accounts. All GICs are non-redeemable. Wealth One Bank of Canada, in its sole discretion, reserves the right to modify or terminate this Offer at any time, without notice. Rates are subject to change without notice. For GICs with a term of more than one year, interest is paid through one of two options of your choice 1) interest is compounded on each anniversary date of the GIC and then paid on the maturity date; or 2) interest is paid annually to the savings account opened for you on your behalf. For terms of one year or less, simple interest is calculated and paid at maturity. Deposits are eligible for Canada Deposit Insurance Corporation (CDIC) insurance. Offer applies to registered and non-registered GICs. …

September 19, 2022
1:25 pm
lovejennifer
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Norman1 said

lovejennifer said
Do you know if there's a minimum deposit amount required?

According to 2022 Mid-Autumn Festival Promotion, there is a $1,000 minimum:

Terms and conditions apply. This special GIC Rate Offer is available only until October 30, 2022. Applications and funds must be received on or before the deadline. A minimum investment of $1,000 is required for this promotion. Only applies to personal accounts. All GICs are non-redeemable. Wealth One Bank of Canada, in its sole discretion, reserves the right to modify or terminate this Offer at any time, without notice. Rates are subject to change without notice. For GICs with a term of more than one year, interest is paid through one of two options of your choice 1) interest is compounded on each anniversary date of the GIC and then paid on the maturity date; or 2) interest is paid annually to the savings account opened for you on your behalf. For terms of one year or less, simple interest is calculated and paid at maturity. Deposits are eligible for Canada Deposit Insurance Corporation (CDIC) insurance. Offer applies to registered and non-registered GICs. …

  

Thank you! Just called them to open an account, smoother then I expected.

September 19, 2022
3:59 pm
RetirEd
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5.18... now THAT's interesting. But not enough to get me back to them, and I'm all locked in at 5% for the next year.

Why so hungry for deposits?
RetirEd

September 19, 2022
5:45 pm
lifeonanisland
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RetirEd said
5.18... now THAT's interesting. But not enough to get me back to them, and I'm all locked in at 5% for the next year.

Why so hungry for deposits?
RetirEd  

I'm wondering if the continued real estate activity might result in some more hunger for deposits.

September 19, 2022
6:30 pm
Loonie
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I wouldn't read too much into this. WealthOne has a good promo twice a year - mid-Autumn Festival (Chinese) and Chinese New Year.
Last year's mid-Autumn Festival rate for five years was 2.88%, which was the highest offered that year until mid-late December if I remember correctly.
I wouldn't expect others to necessarily follow suit, although they might, but, if they do, it will be for their own reasons, not because of what WealthOne is doing.

September 20, 2022
5:44 am
savemoresaveoften
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a bit off topic but does their online / app allows links to external FI for easy transfer in/out of funds ? And can GIC be done online ?

September 20, 2022
8:09 am
rodeworthy
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I initiated a transfer from Wealth One on Sept 13 and it arrived at my hub bank on Sept 14 with no hold. I have had no problem with any of my dealings with Wealth One. Very good service.

You can create a GIC account online for non-registered funds. They ask you to call to set up a registered GIC. I suggest you call them if you want to take advantage of these 'special' rates since those rates are not shown on their online Open a New Account page.

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